Rare Inner Loop Workforce Apartment Community Bought by Investor
The Place at Greenway apartments near the corner of Weslayan and Richmond Avenue in Houston.
HOUSTON – The Place at Greenway, a 219-unit garden-style apartment community near Greenway Plaza, has been sold. The complex is one of the few remaining workforce multifamily properties remaining in Houston’s inner core.
Situated inside Houston’s Inner Loop, The Place at Greenway occupies six acres at 3333 Cummins Street, close to the intersection of Richmond Avenue and Weslayan Street.
JLL acted as exclusive marketing agent for the seller, Redwood Capital Group. JLL also assisted the buyer in securing a five-year fixed-rate acquisition loan from Ready Capital. The purchaser is listed as Rama Plaza at Greenway LLC.
The JLL Capital Markets team representing the seller included Senior Managing Directors Chris Curry and Todd Marix, Directors Joey Rippel and Chris Young, and Analyst Bailey Crowell.
“The successful sale of The Place at Greenway reflects investor demand for workforce housing in central Houston,” said Chris Curry. “The property’s rent gap compared with new construction, its value-add potential, and its flexibility for alternative future uses highlight the opportunities available with workforce housing assets in core locations.”
Curry added, “According to Apartment Data Services, central Houston has lost 5,773 net Class B, C, and D units over the past ten years while adding 34,268 Class A units in the same period. The shrinking supply of workforce housing—now under 30% of available units in central Houston—combined with the premium rents and returns achievable on remaining communities like The Place at Greenway, made this asset particularly attractive to investors.”
JLL’s Capital Markets team representing the buyer was led by Director Michael Johnson and Analyst Tolu Akindele.
The Place at Greenway comprises 15 two-story residential buildings and offers a mix of one- and two-bedroom apartments averaging 875 square feet. The property was approximately 95% occupied at the time of closing.
